As a homeowner, you are most likely eligible for some significant federal tax benefits that renters simply can't enjoy. Talk with your tax advisor about these common deductions that may reduce your taxable income: 1. Mortgage Interest
2. Local realestate (property) taxes
3. Interest on home equity (loans or lines of credit)
4. Loan discount points if you purchased or refinanced your home in 2014
5. A portion of home-improvement costs if you have a home-based business or rent out part of your home
What about....? Some expenses that people often think are deductible, but usually are not include: Home improvements Homeowners dues Mortgage, homeowner, flood, or other insurance costs.
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